HC Deb 06 April 1954 vol 526 cc231-2

5. Charge of income tax for 1954–55

Resolved, That income tax for the year 1954–55 shall be charged at the standard rate of nine shillings in the pound and, in the case of an individual whose total income exceeds two thousand pounds, at such higher rates in respect of the excess over two thousand pounds as Parliament may hereafter determine. And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.

6. Income tax (Initial allowances)

Resolved, That any Act of the present Session relating to finance, in connection with any further provision for income tax allowances in respect of capital expenditure on new assets, may impose restrictions on the making of initial allowances under Part X of the Income Tax Act, 1952, to prevent duplication with the new allowances or otherwise, and may amend that Act to provide for cases where no initial allowance is made, whether or not in consequence of any such restriction.

7. Income tax (Company reconstructions)

Resolved, That it is expedient to authorise all such charges to income tax (including charges for past years of assessment) as may arise from any provision as to changes in the persons carrying on a trade which is being or has been carried on by a body corporate, or in the persons carrying on activities comprised in a trade which is being or has been carried on by a body corporate.

8. Income tax (Income against which losses and capital allowances may be set)

Resolved, That any Act of the present Session relating to finance, if it enables business losses, and allowances under Parts X and XI of the Income Tax Act, 1952, to be carried back against income of previous years on the cessation of a business and in other cases, or enables such allowances to be set off against general income, may contain provision to prevent duplication of the relief whether in favour of the same or another person.

9. Income tax (Treatment for capital allowance purposes of demolition cost)

Resolved, That it is expedient to authorise all such charges to income tax as may arise from any change in the way in which demolition costs are to be treated for the purposes of Parts X and XI of the Income Tax Act, 1952.

10. Income tax (Effect of certain sales on capital allowances, etc.)

Resolved, That as respects allowances and charges under Parts X and XI of the Income Tax Act, 1952, for the year 1954–55 and subsequent years of assessment, provision shall be made for securing—

  1. (a) that an election may not be made under paragraph 4 of the Fourteenth Schedule to that Act (which relates to sales between companies under common control and other cases) if any of the parties to the sale is not resident in the United Kingdom at the time of sale, but except for that the Schedule shall have effect in relation to a sale notwithstanding that it is not fully applicable by reason of the non-residence of a party to the sale or otherwise;
  2. (b)that the operation of paragraphs 3 and4 of the Schedule shall not be restricted to cases where the property is sold at a price other than that which it would have fetched if sold in the open market.

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